Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A provision in a contract or agreement for the sale of property, in a lease of property, in a hire - purchase agreement, in a licence or in a PPSA security agreement to the effect that:
(a) the contract, agreement, lease, hire - purchase agreement, licence or PPSA security agreement is to terminate, or may be terminated by the vendor, lessor, owner, licensor or PPSA secured party; or
(b) the operation of the contract, agreement, lease, hire - purchase agreement, licence or PPSA security agreement is to be modified; or
(c) property to which the contract, agreement, lease, hire - purchase agreement, licence or PPSA security agreement relates may be repossessed by or on behalf of the vendor, lessor, owner, licensor or PPSA secured party;
if the purchaser, lessee, hirer, licensee or PPSA grantor or debtor becomes a bankrupt or commits an act of bankruptcy or executes a personal insolvency agreement under this Act is void.
(2) This section extends to contracts, agreements, leases, hire - purchase agreements and licences entered into or granted before the commencement of this Act.
(2A) This section extends to a PPSA security agreement entered into at or after the time this subsection commences.
Note: This subsection commenced at the registration commencement time within the meaning of section 306 of the Personal Property Securities Act 2009 .
(3) In this section:
"lease" includes an agreement for a lease.
"lessee" includes a person who has agreed to take a lease.
"lessor" includes a person who has agreed to grant a lease.